Singapore’s NODX Grows by 1% in November, Marking First Increase in Over a Year

SINGAPORE — Singapore’s non-oil domestic exports (NODX) grew by 1% in November, marking the first positive growth in 14 months, according to The Edge Singapore. The mixed export performance showed declines in shipments to Taiwan, the European Union, and Indonesia, while exports to the US, China, Thailand, and Hong Kong recorded increases, albeit below pre-2022 peak levels.

The Ministry of Trade and Industry previously highlighted ongoing challenges for the trade-related sectors, citing subdued global demand, especially in electronics. However, early signs suggest the downturn could be stabilizing.

According to Monday’s data, NODX rose by 0.3% month-on-month, countering forecasts of a slight 0.1% dip. Year-on-year growth was modest at 1%, driven largely by non-electronic sectors such as chemicals and pharmaceuticals, despite a 12.7% year-on-year decline in electronics exports.

While the uptick is a positive indicator, it reflects a low base from the previous year and does not yet signal a full recovery in demand. Total trade in November saw slight improvement, though overall imports declined. Cautious optimism prevails as the Ministry projects GDP growth of around 1% for this year and a broader 1%-3% range for 2024, acknowledging the ongoing global economic headwinds.